{"id":127187,"date":"2020-12-03T21:59:03","date_gmt":"2020-12-03T18:59:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/opec-allies-reportedly-agree-to-boost-oil-production\/"},"modified":"2020-12-03T21:59:03","modified_gmt":"2020-12-03T18:59:03","slug":"opec-allies-reportedly-agree-to-boost-oil-production","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/opec-allies-reportedly-agree-to-boost-oil-production\/","title":{"rendered":"#OPEC, allies reportedly agree to boost oil production"},"content":{"rendered":"

“#OPEC, allies reportedly agree to boost oil production<\/strong>”
\n<\/p>\n

\n

The world\u2019s major oil producers have agreed to boost their output by 500,000 barrels a day in January even as the coronavirus pandemic crimps demand, according to reports.<\/p>\n

The Organization of Petroleum Exporting Countries and its Russia-led allies \u2014 known collectively as OPEC+ \u2014 reached the deal Thursday after a disagreement over whether to walk back more of the production cuts imposed earlier this year, The Wall Street Journal reported<\/a>.<\/p>\n

The bloc had been expected to keep its current cuts of 7.7 million barrels a day in place for another three months. But Russia and some other countries expressed interest in hiking production again now that hopes for a COVID-19 vaccine have helped push up oil prices, according to Reuters<\/a>.<\/p>\n

OPEC+ now plans to hold monthly meetings to decide on its output policies beyond January as the group did not find a compromise on longer-term goals for the rest of next year, sources told the news<\/a> agency.<\/p>\n

The oil market has remained under significant pressure from the COVID-19 pandemic despite OPEC+ agreeing to a historic production cut of 9.7 million barrels a day in April. That was reportedly reduced to 7.7 million barrels a day over the summer as prices recovered.<\/p>\n

The spring agreement came amid a historic collapse in oil prices sparked by pandemic-related travel<\/a> restrictions and a price war between Russia and Saudi Arabia that caused a glut of supply.<\/p>\n

The International Energy Agency has said the recent surge in COVID-19 cases in the US and Europe will put renewed pressure on the industry. In a forecast last month, the intergovernmental body said it expects oil demand to drop by 8.8 million barrels a day in 2020, up from the 8.4 million-barrel decrease projected in October.<\/p>\n

West Texas Intermedia<\/a>te crude oil futures were up about 1 percent at $45.74 a barrel as of 1:07 p.m. Thursday, while Brent crude futures were recently up 1.2 percent at $48.83.\n <\/p><\/div>\n

If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n

\n

For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

\n

If you want to read more News articles, you can visit our News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#OPEC, allies reportedly agree to boost oil production” The world\u2019s major oil producers have agreed to boost their output by 500,000 barrels a day in January even as the coronavirus pandemic crimps demand, according to reports. The Organization of Petroleum Exporting Countries and its Russia-led allies \u2014 known collectively as OPEC+ \u2014 reached the deal…<\/p>\n","protected":false},"author":1,"featured_media":127188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/oil-coronavirus.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[82534,1545,70752,72970,82246],"class_list":["post-127187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-3-20","tag-coronavirus","tag-energy","tag-oil","tag-opec"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/127187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=127187"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/127187\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/127188"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=127187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=127187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=127187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}